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The peak super body has announced the launch of an initiative aimed at bolstering the super sector’s defences against the growing threat of financial crime.
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New initiative aims to make super ‘impenetrable’ to cyber crime: ASFA
19 September 2024
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The Association of Superannuation Funds Australia (ASFA) has taken aim at safeguarding savings from financial crime with the launch of its new program, ASFA Financial Crime Protection Initiative (FCPI).
ASFA said the project was specifically designed to protect Australians’ retirement savings from “increasingly sophisticated” cyber crime and fraud-related risks.
The initiative represents a united effort between ASFA and its diverse membership base.
ASFA CEO Mary Delahunty said this project will aid in strengthening the super industry.
“Superannuation is the cornerstone of financial security for most Australians,” she said. “This work will help to fortify our industry, helping it remain resilient in the face of these growing challenges.”
“By working together, we stand a better chance of safeguarding people’s savings and maintaining the trust and integrity of the superannuation system.”
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According to the peak super body, the new FCPI initiative builds on previous work such as guidance on fraud controls which came into effect on 1 July 2024, as well as Cyber Forums which have been run since 2021.
ASFA said FCPI would “enhance collaboration and knowledge sharing between funds and critical service providers including custodians, administrators and tech providers.”
The initiative will also develop industry-wide frameworks to combat financial and cyber crime, as well as connect the superannuation sector, relevant government agencies and related financial services bodies.
One of its main objectives is to help make Australians aware of the actions they can take to protect their super and data from scammers, ASFA said.
The launch of FCPI comes after the government’s recent Scams Prevention Framework which has underscored the importance of a co-ordinated response to financial crime.
Delahunty noted the peak super body is proud to be leading this initiative.
“ASFA is uniquely placed to lead this work across our broad membership base and proud to be driving this initiative, ensuring the sector is prepared to tackle evolving risks with a proactive and unified approach,” she said.
“As the Minister for Cyber Security, Tony Burke, noted in a speech, the rapid pace of development of risk in this area remains public and private partnerships will be necessary to meet and beat cyber threats.”
Delahunty emphasised the importance of Australia’s superannuation system and said ASFA is in a unique position to bring together the superannuation sector, regulators and government to help keep citizens’ super safe.
“Australia’s superannuation system is the envy of the world, let’s make it impenetrable for criminals as well.”
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